Insider Selling: Mitel Networks Corp (MITL) Chairman Sells 1,322 Shares of Stock

Mitel Networks Corp (NASDAQ:MITL) (TSE:MNW) Chairman Terence H. Matthews sold 1,322 shares of Mitel Networks stock in a transaction that occurred on Tuesday, November 6th. The stock was sold at an average price of $10.98, for a total transaction of $14,515.56. Following the completion of the transaction, the chairman now directly owns 58,754 shares in the company, valued at approximately $645,118.92. The sale was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink.

MITL stock opened at $11.01 on Friday. The company has a market capitalization of $1.35 billion, a P/E ratio of -27.53 and a beta of 2.00. The company has a quick ratio of 0.77, a current ratio of 0.94 and a debt-to-equity ratio of 1.19. Mitel Networks Corp has a 52 week low of $7.13 and a 52 week high of $11.31.

A number of hedge funds have recently added to or reduced their stakes in MITL. Alpine Associates Management Inc. acquired a new stake in Mitel Networks in the 2nd quarter worth approximately $61,934,000. Paulson & CO. Inc. acquired a new stake in Mitel Networks in the 2nd quarter worth approximately $43,880,000. Gardner Lewis Asset Management L P acquired a new stake in Mitel Networks in the 2nd quarter worth approximately $30,632,000. Gabelli Funds LLC acquired a new stake in Mitel Networks in the 2nd quarter worth approximately $18,713,000. Finally, Paradigm Capital Management Inc. NY acquired a new stake in Mitel Networks in the 2nd quarter worth approximately $16,676,000. Institutional investors own 80.49% of the company’s stock.

MITL has been the topic of a number of analyst reports. BidaskClub downgraded shares of Mitel Networks from a “sell” rating to a “strong sell” rating in a research report on Wednesday, August 29th. Zacks Investment Research raised shares of Mitel Networks from a “hold” rating to a “buy” rating and set a $12.00 price objective on the stock in a research report on Tuesday, October 16th. Four research analysts have rated the stock with a hold rating, two have given a buy rating and one has assigned a strong buy rating to the stock. Mitel Networks presently has an average rating of “Buy” and a consensus price target of $12.38.

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Mitel Networks Company Profile

Mitel Networks Corporation provides cloud and on-site business communications and collaboration software, services, and solutions. It operates in two segments, Enterprise and Cloud. The Enterprise segment sells and supports products and services for premise-based customers, including its premise-based IP and TDM telephony platforms; desktop devices, and unified communications and collaborations (UCC); and contact center applications that are deployed on the customer's premise under the MiVoice brand.

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Insider Buying and Selling by Quarter for Mitel Networks (NASDAQ:MITL)

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